JUPITER MINES LIMITED
JMS - Resources Rising Stars - Mr Greg Durack, CEO
Fri, 3 Oct 2008 01:30PM
Mr Greg Durack
Fri, 3 Oct 2008
01:30PM Australia/NSW
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JUPITER MINES LIMITED (JMS)
ASX code: JMS
Website: http://www.jupitermines.com
Industry: Materials
Principal Activities:
The exploration and development of prospective Iron Ore,Nickel, Gold and Uranium mining tenements.
Address:
19 Bligh Street, Norwich House, Level 16, Suite 2,
SYDNEY
NSW
Phone: (02) 9235 2755
Fax: (02) 9235 2955
Executives & Directors
Mr Geoffrey Wedlock , Executive Chairman
Mr Gregory Durack , CEO
Mr Andrew Bell , Non Exec. Director
Mr Priyank Thapliyal , Non Exec. Director
Mr Youfu Zhou , Non Exec. Director
Mr Paul Murray , Independent Director
Mr Yuzheng Xie , Alternate Director
Mr Robert Benussi , CFO, General Manager
Mr Robert Benussi , Company Secretary
Company Podcasts
Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
JUPITER MINES LIMITED (JMS) Events
Australia/NSW
JUPITER MINES LIMITED (JMS)
| Board and Management Update | Fri, 3 Jul 2009 |
| Jupiter Secures Strategic Investment and Off-Take with POSCO | Wed, 1 Jul 2009 |
| Change of Director`s Interest Notice - YX | Tue, 23 Jun 2009 |
| Oakover Manganese Project Tenements Granted to Vendors | Mon, 22 Jun 2009 |
| Details of Company Address | Thu, 11 Jun 2009 |
| Replacement Appendix 3Y PRM | Wed, 27 May 2009 |
| Response to Price Query | Tue, 26 May 2009 |
| Change of Director`s Interest Notice - PRM | Tue, 26 May 2009 |
| Change of Director`s Interest Notice- PRM | Fri, 15 May 2009 |
| Quarterly Activities Report and Appendix 5B | Thu, 30 Apr 2009 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
PRESENTATION BY MR. GREG DURACK, CHIEF EXECUTIVE OFFICER OF JUPITER MINES LIMITED (JMS)
“Resources Rising Stars”
http://www.brr.com.au/event/52084
FRIDAY, OCTOBER 3, 2008, 01:30 PM.
JMS Thank you, Jacqueline. Good afternoon, ladies and gentlemen. See, we’ve got last graveyard shift to see, we’ve still got the stage here and also I’d like
10 to thank Nicholas Read and the Read Corporate Team for inviting me again to present at the Resource Rising Stars Conference here on the Gold Coast. We have the traditional disclaimer. Please be aware that I’ll be making forward-looking statements in this presentation and I suggest that you look at our filings in the ASX and also future filings going forward.
15
The Jupiter Capital Structure, our share price is currently $0.165, a good buy than what it is today but I can assure you it’s probably in a better buy. But at the moment, we’ve got 169 million shares on issue. Our market caps close to $28 million and we’ve got currently about $7.6 million in the bank, so we’re
20 quite well funded. Our exploration budget for this year is $2.7 million and we’re about 2….well, I guess we’re about 70% through that at the present time. Our top 20 shareholders…. we’ve got 50.8% of the company and we do have three significant shareholders on our share register at the moment, and that’s with LSG Resources. They own 12.29%. We did a placement with
25 LSG back in May this year for $3.7 million. LSG owned by the Chinese global Haoning Group, who are iron ore and metallurgical company in China, and we’re very pleased to have those guys on our register. Also, recently joining this year….sorry, but I’ve mentioned, we, just this month, they secured the Heads of Agreement arrangement with LSG Resources. They’ll be looking at
30 taking 40% of our venture of iron ore production out of our current iron ore tenements. We have two other major shareholders on the register, that’s Pallinghurst Resources, heads Mr. Brian Gilbertson, ex-Billiton and BHP, and also Red Rock Resources, both based in the UK. Together, they own just a 19.99% of the company.
35
Jupiter has a large project portfolio in Western Australia. We’ve got 2,500 km2 of grant, and so they (inaudible) (00:02:43) Jupiter executive team busy managing in those tenements and exploration projects are going forward. We have prioritized our projects. As you see, we’ve got iron
40 projects, nickel projects, gold projects, and base metals project, and also uranium tenements in the Northern Territory, which are currently subject to a farm-in and joint venture arrangement.
I’ll talk mainly in this presentation about our primary focus for Jupiter. Our
45 priority projects going forward and that’s our Central Yilgarn Iron Project, composing Mt. Mason, Mt. Ida, and to a less extent, Mt. Hope and Walling Rock, at this stage, and also our Widgiemooltha Nickel Project where we’re currently drilling our Cassini prospect at Widgiemooltha and also some recent ground positions. We increased our ground position at Kambalda West and Golden Ridge East and we’ve got options on that grant at the moment. Our other projects, we do have some iron projects up in the Pilbara, and which I’ll talk a little bit about later. Our gold portfolio, Klondyke and Klondyke East , they’re up at near (inaudible) (00:04:11) as is our base metals project at
5 Corunna Downs, and of course, we’ve got a reasonable ground position around Leonora in Western Australia.
But at the moment, our central project is the Central Yilgarn Iron Project. We’ve got just small resource at the moment but it’s a good grade iron ore.
10 It’s over 60% iron. We’ve got an Inferred resource of 2.2 million tonnes. We’ve just completed 2,000 m of RC drilling. They look at increasing that resource. We’ve had a 50% of the assay returns but still waiting on another 10 holes to come back, but as you can see, we released the results to the market last week, had some sensational intersections with cut intersections
15 over 60 m and over 60% iron, these are real nice, hard blue hematite.
Our Central Yilgarn Project Resource at Mt. Ida, Mt. Ida about same Mt. Mason prospect. We’re halfway through our drill program at Mt. Ida at the current time. All those red dots up there that’s…. we drill tested some
20 surface sampling and mappings and very good rock chip results. Unfortunately, they haven’t generated any DSO hematite of any significant thicknesses. We’ve also completed a gravity survey on Mt. Ida at the current time and to a better targeting for DSO and also for magnetite. One of the things that we did, we intersected some significant intersections with
25 magnetite. All the drill holes are still in mineralisation, over 70 m of 33% iron, (inaudible) (00:06:10) in this button. About here, it’s about 250 m wide of magnetite at over 30%, 32%, or 33%. We’ve done some Davis Tube Recovery metallurgical test work on that. It’s produced very good grade magnetite penetrate about 70% and 71% magnetite iron and very low
30 impurities. But moving forward, we’ve got another 5,500 m plant at Mt. Ida. We expect to get the revised drill approval within the next month or so, and the green dots that you see on the map is the revised drill program.
So our Central Yilgarn Iron Project, we’ve got a modest starting production of
35 1.5 million tonnes per annum. We’ve got access to infrastructure. We’re 30 km from town of Menzies. There’s rail along that goes down to the Port of Esperance 530 km to the south and we’re already in initial discussions with WestNet Rail. One of things with Jupiter is, you know, we don’t have to build a port. We don’t have to build another one. There’ll be obviously capital
40 requirements to upgrade the railway line and also to upgrade the port somewhat to export iron ore through the Port of Esperance. It’s a model that works. We support that model. Our extra rail hole is actually shorter than Portman, just getting down through the Port of Esperance, and here we are to about Port of Esperance. Portman is only currently shipping out of
45 Esperance. A Cape sized vessel, it’s Australia’s deepest port and a Cape sized vessel contains a 180,000 to 200,000 tonnes of iron ore, and also (inaudible) (00:08:07) discussions with Esperance Port Authority.
In West Australia, drilling our banded iron and take a lot of the environmental baseline studies due to it’s very well advanced in its baseline studies and as in fact the level of studies that we’re doing is setting us up for project development. We’ve been doing studies for about a year and a half now and
5 at the moment we’re undertaking terrestrial short-range endemic invertebrate studies and also looking at the pilot studies subterranean fauna. Now, a subterranean fauna, you’ve heard it talked about early today where little creatures that live in the ground (inaudible) (00:08:46) faunas which (inaudible) (00:08:48) water table in cavities and cells and spider faunas
10 which swim in like….in the waters around between rock fissures and things that I guess they’re just little fauns really, their sitting amongst the rocks but we have to study those little creatures and provide reports and documentary in within universities. At the moment, we’re looking at undertaking that vertebrate fauna study in the summer.
15
Now this is a… think of a (inaudible) (00:09:26) of our Central Yilgarn Iron Project primarily and it’s really about situated 130 km northwest of Menzies. The railway line runs from Menzies. The iron ore runs from Menzies, well (inaudible) (00:09:38) Leonora through Menzies down through Kalgoorlie
20 down to Esperance. These are our iron projects, Mt. Mason, Mt. Ida…this is where we focus at the moment. Walling Rock and Mt. Hope, these included in exploration by next year, the aeromagnetics.
You see some of our 10 drill holes coming up at our next planned program.
25 We’ll speed up through Mt. Mason. Now, Mt. Mason is a very small tenement that’s actually a mining lease, it’s a granted mining lease so we can actually get mining there early. But they see some of the better intersections that we’ve had to date and so we’re still waiting another 10 holes, but we certainly expect that will be increasing at Inferred resource and with some other drilling
30 targeting DSO ore and magnetite out of that Mt. Ida prospect. They see some of the further intersections of the magnetite and also some of the rock chip sampling, those good results of rock chip sampling going as high as we drilled, but as I said they just can’t come up but we’ve now revised our drill program, and look at the 130 km by road to Menzies, that’s where we put a
35 railroad out facility right on to the rail, so they’re getting on rail line down to the Port of Esperance to Kalgoorlie or actually go past Widgiemooltha, our Nickel tenements.
I used to live and work in Norseland but on Friday night after locking at work I
40 could get down to Esperance quicker or I can just fly through, That was a much younger guy that has been.
Anyway, so go through the wheat fields, go through the town of Esperance, and out to the port and Portman is the only current exporter, out of this port at
45 the current time. But there’s certainly a lot of junior class, us included that once you utilize that facility, and I’ve taken the liberty of doing a conceptual expansion of the Esperance ports, but certainly the Central Yilgarn and some big numbers that are forecasted to get chip out through the Port of Esperance. In the region, I’ve said we are at an advantage, we don’t have to build the port. Sure, there’ll be some capital requirements to upgrade and install our own infrastructure to export, but we don’t have to build a port.
Now, I’ll take you a quick run back to a (inaudible) (00:12:58) stocks of our
5 Widgiemooltha tenements and I’ll talk a little bit more about Widgiemooltha at the moment. We’ll things here is…we’re currently drilling our Cassini nickel prospect. It’s right on the edge of the Widgiemooltha Dam and it’s quite a lot of producing nickel mines in the region primarily most have mined and owned by Mincor, but this is our Cassini prospect here, (inaudible) (00:13:26) south
10 and other gold target down here, but certainly Cassini is an area that we’re drilling at the moment.
So in respect to the Central Yilgarn Iron Project, the Board and management, were committed to become an iron ore producer in the region. We are well
15 positioned in regards to infrastructure, well advanced in our environmental baseline studies which will set us up for project development but also very good requirements to go down and drill approvals through the (inaudible) (00:14:00) and we’re committed to aggressive exploration program to increase our resources in the Central Yilgarn, and we do have a low capital entry into the project.
20
I’ll tell a little bit about Widgiemooltha. This is another primary focus for Jupiter in its portfolio. We located a nickel producing region and we’ve done drilling currently at Cassini and (inaudible) (00:14:28) pick up two, take up
25 options on two new areas out of Kambalda West and Golden Ridge East, up here at Golden Ridge East and Kambalda West, and we’re currently evaluating those prospects.
At Cassini, this slide is a little bit busy. It’s had some shallow drilling in the
30 pass by WMC due to get it back in 2006 did do a diamond hole but certainly it’s got a lot (inaudible) (00:14:56) for nickel. The important thing is that (inaudible) (00:15:01) has about 49 m of 5% nickel sulphide 0.7% and at this hole here, number 3, we’ve actually got 1.35 m of 6.36% nickel and also of 7.56% nickel. We don’t understand the structure controls so we’re putting
35 down our six 350 m holes to check, look for the structure, both up north of that when this significant massive sulphide-nickel sulphide intersection, this hole here up at number… this new hole that we’ve just drilled. Last week we did intersect the contact zone between the basal of ultramafic at 209 m and 30 m below that contact, we’ve had 1 m of strongly foliated mining sulphides
40 so that cause now carried into the lab to get assayed. We’re now drilling another hole, down to the south to try and pick up the contact zone again and that’s when we drill holes to finish drill 6, we’ll be drilling that hole, electromagnetic surveys to try and target in on the orebody, and then we’ll do a revised drill program.
45
In our new nickel project areas at Golden Ridge East, this is an option with another company. We’ve just completed a soil sampling program and we’ve had anomalous nickel and gold values return. An interpretation is currently underway. It’s interesting to note that Golden Ridge is next to a couple of other prospects. The north nickel project owned by Northern Mining and also the Bulong South Project owned by Southern Gold. They, in the last two or three months…they’ll be releasing quite significant nickel and gold intersection on their drill program.
5
In our Pilbara Iron projects, this is a low priority for Jupiter as we’re focusing on the Central Yilgarn. Brockman, they did a thousand metres of drilling back in November last year. Their best intersection is 7 m at 59.4% iron. We paid up a budding prospect in the last (inaudible) (00:17:35) tenement and once
10 there we had to drill, go out and do some field mapping on that new tenement probably next year. At Shay Gap, next month, they’re testing an exploration target about charcoal-iron deposit. We’ll be digging our (inaudible) (00:17:51) with our excavator.
15 Back in June, we secured the Pardoo iron rights of Pardoo tenement of Shaw
River Resources and that backs Atlas’ ground position up at Pardoo, so enough said, if that tenement is granted it would be (inaudible) (00:18:11) surface sampling and mapping up there also next year.
20 Our gold projects, I won’t to talk too much about gold projects. We do have (inaudible) (00:18:24) bar at Klondyke and gold prospect has produced a similar gold in the past. We’ve got 6 km in the Klondyke shear. It’s rather narrow… it’s 3 m to 5 m in width. It’s got gravity gold, its course gold, it’s very hard to get a handle and grade but the Purdoo is not a legion of grade that
25 can come on that map but the way the intersections are by 1 g to 5 g per tonne gold and in the magenta is over 5 g per tonne gold. But next month, we’re actually going to be doing bulk sampling exercise on some class based drill intersections to try and reconcile the grade against past drilling. We look at the gold price, continue to move north and certainly we keep hearing that
30 the gold prices we’ve got is moving further north going forward. So, we will keep evaluating that project as we go forward.
At Leonora, we’ve got no planned drill programs out there at Leonora at the moment, but certainly looking at entertaining any companies that would look
35 to JV’ing into those tenements and we’re pursuing those options.
Base metals project at Corunna Downs is about conduit gold project. Coffey Mining did a structural review last year and identified some areas that have potential for some base metal targets. We’ve conducted a surface sampling
40 and mapping program two months or so ago, and we did identify some anomalous nickel on a mafic and ultramafic boundary and we’ll be following those up in a systematic manner more like in next year. But also, we’ve also look at JV’ing our exploration through our base metals project going forward also.
45
Our Northern Territory Uranium projects, we have six granted tenements up in the Northern Territory, two applications, and we’ve just recently executed a farm in and joint venture arrangement with NuPower Resources Australia, and they’re currently actually undertaking exploration on our tenements as well as the number of other tenements up in the Northern Territory this current time.
So in summary, Jupiter has a large portfolio. We’ve had a very small
5 executive team. We’re very busy, I can assure you of that. We’ve got a drilling program about to recommence at Mt. Ida and our Central Yilgarn Iron project, and I think we’ve got about another week of drilling, diamond drilling, on our Cassini prospect at Widgiemooltha. The Board and Management, we are committed to becoming an iron ore producer and we’re strategically
10 positioned in Yilgarn to realise those growth opportunities. A great ground position in the nickel producing region, and certainly a lot of priority projects. We’ll certainly be looking at developing other corporate options that’s an ongoing business.
15 So thank you for listening to my presentation and good afternoon.
INTERVIEW CONCLUDED
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